封面新闻记者 赖芳杰 摄影报道 消费是经济引擎，首发经济则是城市拼抢的"阵地"。当泡泡玛特全球首家臻藏店落址成都，不仅是对成都潮流氛围的认同，也是对成都消费实力的信任。 7月11日，中共成都市委十四届七次全会通过了《中共成都市委关于推进文商旅体深度融合发展、加快建设世界文化旅游名城和国际消费中心城市的决 定》，鲜明指出，要发展更具显示度的特色商业。首发经济，将是消费场景焕新升级的"钥匙"。 前5月，成都已累计落户首店285家 今年引进首店800家以上 数据显示，今年前五月，成都已累计落户首店285家。2019年以来，成都累计海内外首店超4000家，连续6年保持正增长。 成都市商务局党组书记邱长宝 "在创新消费模式方面，我们将深入实施首发经济发展三年行动计划，紧扣原创设计、商品生产、新品发布等时尚产业供应链核心环节，今年引进首店800 家以上，落地高能级首发首秀首展首演等活动200场以上，加快构建首发经济产业链。"成都市商务局党组书记邱长宝介绍，聚焦首发经济，成都力争到 2027年底，落地各类首店累计达6500家，高能级首秀首展等首发活动超1000场，打造首发经济地标载体100个，培育新消费品牌500个。 成都 ...

943亿美元的"中国戒断综合征"：一场免签政策引发的全球现象 西方媒体长期以来对中国的刻板印象，在免签政策的推动下被彻底打破。 韩国游客在上海用15元人民币享受到"水果自由"，美国博主为成都火锅的美味而 沉醉，甚至患上"美食PTSD"。德国父亲大胆地让女儿在凌晨独自去购买夜宵，这些在西方社会难以想象的场景，在中国却成为日常。 曾以为会面对"脏乱 差"的他们，却在凌晨三点的成都春熙路感受到灯火通明的繁华，在重庆洪崖洞体验到比自家客厅还安全的安保环境。英国博主在西安兵马俑故意留下 iPhone，两小时后完好无损地取回，更是让他们惊叹不已。 许多外国人回国后，纷纷表示"离开中国就像被扔回2000年"， 对冷汉堡提不起兴趣，深夜不敢 出门，甚至连用手机支付都会被收银员误认为"原始人"。 安全与科技的"精神鸦片"：重塑行为模式 "无差别安全"成为外国人对中国的最深刻印象之一。在伦敦习惯了提心吊胆的游客，在武汉夜市穿梭自如；悉尼妈妈再也不用担心孩子哭闹着要吃"烤冷 面"，因为在国内，随处可见的美食让他们的日常生活发生了翻天覆地的变化。 德国父亲在重庆深夜放心地让女儿独自买夜宵，因为他体验到中国街头的安 从"刻板印象"到" ...

来源：央广网 近日，消费者王先生在闲置潮流物品交易平台"95分"app上下单，购买了一只泡泡玛特Labubu，到手后 发现，该玩偶手臂多出了一条不明"异物"。王先生向央广网啄木鸟消费者投诉平台反映说：此瑕疵影响 了玩偶的观赏性，对于玩偶的拥有人来讲，是很难接受的。他将该情况反馈给"95分"官方客服，表达 了"退货退款"的诉求，平台方予以拒绝。 玩偶手臂处存在异物（央广网发 受访者供图） 王先生说，在花费186元购买此商品时，平台给出的鉴别报告为"轻微使用"，"细节查验"选项仅标注"包 装盒破损"，并未提示"手臂存在异物"。对于这一本不该出现在玩偶上的不明物，客服则以"不在检测范 围内"为由拒绝退款。 王先生拒绝了这一补偿，他说："这件商品的瑕疵，已经严重影响了玩偶的观感，客服怎么能说不支持 无理由退货退款呢？" 商品鉴别报告"细节查验"中只显示"盲盒包装盒破损"（央广网发 受访者供图） 王先生提供的与客服的聊天截图显示，客服强调该玩偶"是A级成色的，A级商品整体品相还是很不错 的，但是确实会存在一些轻度的瑕疵，是不影响使用的"，并表示"商品性价比是很高的，客服强烈建议 您自留使用"。 当王先生指出平台未能尽到 ...

· 国都港股操作导航 | 海外市场重要指数 | 收市 | 幅度 | | --- | --- | --- | | 道琼斯工业指数 | 44406.36 | -0.94 | | 标普 500 指数 | 6229.98 | -0.79 | | 纳斯达克综合指数 | 20412.52 | -0.92 | | 英国富时 100 指数 | 8806.53 | -0.19 | | 德国 DAX 指数 | 24073.67 | 1.20 | | 日经 225 指数 | 39587.68 | -0.56 | | 台湾加权指数 | 22428.72 | -0.53 | | 内地股市 | | | | 上证指数 | 3473.13 | 0.02 | | 深证成指 | 10435.51 | -0.70 | | 香港股市 | | | | 恒生指数 | 23887.83 | -0.12 | | 国企指数 | 8608.54 | -0.01 | | 红筹指数 | 4117.41 | 0.63 | | 恒生科技指数 | 5229.56 | 0.25 | | AH 股溢价指数 | 130.67 | -0.16 | | 恒生期货 (07 月) | ...

Group 1 - Multiple QDII funds have resumed normal subscription or increased subscription limits, driven by growing investor demand for diversified investments and new investment quotas [1] - The first batch of 10 science and technology innovation bond ETFs raised a total of 30 billion yuan in a single day, indicating strong institutional interest and strategic significance for public funds [1] - Short-term financial products have seen rising yields, with some achieving annualized returns around 10%, attributed to favorable short-term bond market conditions and innovative strategies by financial companies [1] Group 2 - In the first half of the year, 653 A-share listed companies collectively invested over 410 billion yuan in various financial products, including structured deposits and bank wealth management products, although the total scale has decreased compared to the previous year [2] - Nearly 3,000 companies have completed their annual profit distribution, with over 300 planning mid-term dividends for 2025, indicating a proactive approach to shareholder returns [2] - The approval of major UHV (Ultra High Voltage) projects is expected to significantly boost the performance of power equipment manufacturers, with a series of projects set to commence by 2025 [2] Group 3 - The listing of pure benzene futures and options on the Dalian Commodity Exchange is expected to provide effective risk management tools for the industry and enhance China's influence on international pricing [3] - Mercedes-Benz reported a 9% decline in vehicle sales in Q2 due to tariffs, with electric vehicle sales dropping by 18%, reflecting challenges in the automotive market [4] - Nestlé's chairman is stepping down amid growing investor concerns about the company's direction and governance, highlighting potential instability in leadership [4] Group 4 - Bubble Mart has applied for the "LAFUFU" trademark as a defensive measure against piracy, following discussions about counterfeit products related to its "Labubu" brand [5] - ByteDance has denied reports of selling TikTok's U.S. operations to Oracle-led consortium, maintaining its ownership structure [5] - Dadi Insurance has faced multiple regulatory penalties this year, totaling over 4 million yuan, indicating ongoing compliance issues within the company [5] Group 5 - Dog Not Group has been listed as operating abnormally due to failure to disclose annual reports on time, raising concerns about corporate governance [6] - Changxin Storage has initiated the listing guidance process, with major financial institutions involved, signaling a move towards public offering [6] - The chairman of Ruiskanda Technology has been subjected to criminal coercive measures due to allegations of information disclosure violations, impacting the company's management [7] Group 6 - U.S. stock indices collectively declined, with the Dow Jones falling by 0.94% and the Nasdaq by 0.92%, influenced by Trump's new tariff plans [8] - Tesla shares dropped over 8% due to concerns surrounding Elon Musk's new political party, while other tech stocks also experienced volatility [8] - The yield on 10-year U.S. Treasury bonds rose nearly 7 basis points, reflecting market reactions to economic signals [8]

《BUG》栏目注意到，WAKUKU盲盒在多个线上和线下渠道均显示缺货。有店员表示，"WAKUKU已 经断货半个月，此前一般半个月会补货一次，每次补货数量也不多，只有5-6盒。" 同比起LABUBU二手价格的狂飙到回落，WAKUKU的价格波动相对平稳，这也使其成为部分预算有限 玩家的"平替"选择。不过，从6月中旬开始，个别款式也出现明显溢价，比如发售价为129元的"甜心 兔"吊卡，近期二手成交价约320元，而6月初二手价为150元左右。 文 | 《BUG》栏目 徐苑蕾 在潮玩市场掀起新一轮热潮的WAKUKU，凭借其标志性的"小野孩"形象和明星营销策略，迅速成为Z世 代追捧的新宠。而因收购WAKUKU母公司Letsvan股权，美股上市公司量子之歌也在资本市场迎来暴 涨。 值得注意的是，在豪赌潮玩赛道背后，量子之歌正面临主营业务恶化、付费学员数量萎缩、用户投诉不 断的多重困境。从二级市场的疯狂炒作到教育业务的持续下滑，从资本市场的短暂狂欢到长期商业模式 的可持续挑战，量子之歌这场跨界并购究竟是救命稻草还是饮鸩止渴？ 吊卡二手价翻倍 在潮玩爱好者社群中，"不是LABUBU买不起，而是WAKUKU更具性价比"的观点正逐 ...

Group 1 - The core viewpoint of the article highlights the proactive trademark registration by Beijing Pop Mart Cultural Creative Co., Ltd. for "LAFUFU" to combat infringement issues [1][3]. - The trademark application is classified under fitness equipment and is currently in the substantive examination stage [1]. - The discussion around the counterfeit "Lafufu" dolls, which are being purchased at low prices on e-commerce platforms due to their limited availability abroad, has gained significant attention [2]. Group 2 - A source from Pop Mart indicated that the "Lafufu" trademark is part of a defensive strategy to better address and prevent infringement [3].

2025 年 07 月 05 日 坚持"三扩"战略，内生外延双轮驱动 买入(首次) 事件 2025H1 公司业绩在母婴行业整体承压的背景下实现超预期增 长，主要得益于公司围绕"三扩"战略（扩品类、扩赛道、 扩业态），聚焦年度"复购、加盟、同城数字化"三大必赢 之战，持续推进门店场景升级与供应链优化，强化单客经营 和精细化运营，深度挖掘用户单客产值，同时全面推进与乐 友国际的深度融合，发挥整合协同效应。 ▌加盟业务快速扩张，AI 赋能数智化运营 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-07-04 | | --- | --- | | 当前股价（元） | 13.35 | | 总市值（亿元） | 168 | | 总股本（百万股） | 1262 | | 流通股本（百万股） | 1255 | | 52 周价格范围（元） | 4.92-16.36 | | 日均成交额（百万元） | 705.83 ...

【导读】安本投资亚太CEO Ian Macdonald：投资优质中国企业，长期回报可期 日前，安本投资亚太CEO Ian Macdonald在接受中国基金报独家专访时表示，作为深耕新兴市场的全球 资产管理机构，安本重视包括中国在内的亚洲市场投资机会。安本持续寻求机会以更广泛、深入地布局 中国，与优秀的本地伙伴合作是重要路径之一。他表示，期待QDLP（合格境内有限合伙人）政策的进 一步推进，公司致力于将QDLP业务的规模进一步扩大。中国有许多优质企业，目前，它们的估值亦具 有吸引力。长期来看，投资这些企业会获得优异回报。 安本投资（Aberdeen Investments）是一家总部位于英国的全球资产管理公司。截至2025年初，安本管理 和顾问的资产总规模超过5000亿英镑，员工遍布欧洲、亚洲、美洲和中东。安本在亚太地区尤其活跃， 在中国内地、中国香港、新加坡、日本、澳大利亚等市场拥有本地团队和投资经验。 安本通过QDLP计划为境内投资者提供布局境外市场的产品和策略，并持续探索与本地金融机构的战略 合作机会。 泡泡玛特现象级玩偶Labubu火爆全球，Ian Macdonald来到上海也获得了一只Labubu，他 ...

Core Insights - Dongguan, known as the "World Factory," is emerging as a hub for the trendy toy industry, being referred to as "China's Trendy Toy Capital" [1] - Approximately 85% of trendy toy products in China are produced in Dongguan, with over half originating from Shipai Town [1] Group 1: Manufacturing and Innovation - Dongguan's manufacturing capabilities are highlighted by the rapid production of a 27-meter giant emblem for the 2022 Qatar World Cup, completed in just 33 days [7] - The local supply chain can respond quickly, with automated production lines and AI assistance reducing the time from design to finished product to mere hours [9] - Dongguan is transitioning from merely producing for others to creating its own products and promoting its culture globally [11] Group 2: Cultural Integration and Market Expansion - The emergence of original local IPs, such as the "Ben Chao Gang Mu" themed trendy toys, showcases the blend of traditional culture with modern gaming [3] - The "Wa San Sui" toy has gained immense popularity in Southeast Asia, demonstrating the global appeal of Dongguan's innovative products [5] - The synergy of creativity, efficient supply chains, and cultural elements is driving the global success of Chinese trendy toys [13]